Currently, according to Cap Geek, the Rangers are at $58.5 million with Michael Del Zotto still unsigned.

Adam Rotter: About half the teams in the league are over that number and in the case of some teams, an amnesty move wouldn’t even get them under the cap. The Rangers are very top heavy at forward with three players over $6.6 million in cap hits and then only Ryan Callahan, at $4.25, doesn’t have a cap hit at $1.7 or below. This would provide a crunch now but cause major problems in the offseason when Derek Stepan, Carl Hagelin and Ryan McDonagh are all due raises.

While I don’t think that $58 million is where the cap will land in the final agreement, it is going to be somewhere around there and probably not close to the $70 million it is at right now.